Social Responsibility and Sustainability

Modern Slavery Act Transparency Statement


This statement sets out the steps that Oversea-Chinese Banking Corporation Limited (“OCBC”) has taken in relation to our responsibilities under Section 54, Part 6 of the Modern Slavery Act 2015 to mitigate the risk of slavery, servitude and forced or compulsory labour and human trafficking (collectively “slavery and human trafficking”), within our supply chain in the financial year ending 31 December 2017.

About OCBC

OCBC Group provides financial products and services to individual, commercial, large corporate and institutional customers. OCBC is listed on the Singapore Exchange and the Group operates in 18 countries and regions, including the United Kingdom. We are the second largest financial services group in Southeast Asia by assets and one of the world’s most highly-rated banks, with an Aa1 rating from Moody’s.

Our Position

OCBC’s stated Purpose is to help individuals and businesses across communities achieve their aspirations by providing innovative financial services that meet their needs. Our set of corporate Values – Customers, People, Teamwork, Integrity, Prudent Risk Taking and Effectiveness – define the ethos and culture of our organisation, promote a common desired behavior in the way we engage one another and our stakeholders as well as guide us in achieving our Purpose.

Our approach to human rights is integral to and embedded within our Purpose and Values. Our ‘People’ Value, for example, exhorts employees to treat each other fairly and with respect.

The Group upholds human rights principles to ensure that slavery and human trafficking are not taking place within our directly employed workforce as well as any of our Outsourced Service Providers and vendors. We promote best practice in our supply chain and require that all our current and prospective Outsourced Service Providers and vendors, working with and on behalf of the Group, to be conscious of our values and act in accordance with them.

We are committed to act with integrity in all our business activities and comply with laws. Many of our existing policies contain provisions which are intended to combat slavery and human trafficking in the Group’s global supply chain.

OCBC’s current policies that address the requirements of combating slavery and human trafficking include, but are not limited to:

  • Code of Conduct
  • Employee Grievances Handling
  • Employee Counseling & Discipline
  • Procedures for Outsourcing Banking Operations
  • Whistle-Blowing Program Sub-Policy
  • Policy on Anti-Money Laundering and Countering the Financing of Terrorism

Our relevant processes and procedures include, but are not limited to the following:

  • We review the effectiveness of relevant internal policies and how these have been implemented across our business areas.
  • In addition to our current outsourcing procedures requiring due diligence and risk assessments to be conducted on our outsourced service providers, we also conduct checks and screenings on specific vendors for Anti-Money Laundering/ Combating the Financing of Terrorism (“AML/CFT”), financial stability, litigation status and conflict of interest with OCBC staff.
  • We undertake due diligence on prospective outsourced service providers.
  • Our employees have access to the Bank’s hotline or website, both managed by an external vendor, providing an avenue for our employees to anonymously report or raise concerns or suspected unethical or corrupt behavior.
  • We expect our outsourced service providers /vendors and their supply chain to share our values, act with integrity in their business activities and comply with laws. Our employees are also expected to communicate our expectation on modern slavery to potential associated persons, or any third-party vendors.

We will progressively continue to review our supply chain management processes to identify if further action is needed to comply with the Act. We intend to raise more awareness on modern slavery by providing training to all employees on a periodic basis on the importance of implementing and enforcing effective systems to mitigate slavery and human trafficking risk within our supply chain.

This statement will be reviewed and updated annually.

Signed on behalf of OCBC Group by:

Samuel N Tsien

Group CEO